So how much would Trump save if his tax plan ever passed? 💰 $125 MILLION.

[procon]

It’s Unclear What Trump’s Tax Plan Would Do –
Other Than Put Hundreds Of Millions In His Pocket

WASHINGTON ― While middle-class rates, deductions and credits in President Trump’s tax proposal remain hazy, there is one piece of the plan that has become clear: the part that could put more than $125 million into Trump’s own pocket each year.

The only specific number Trump has mentioned in two speeches on his tax reform proposal so far has been his goal for the corporate tax rate: 15 percent, down from the current 35 percent. And White House legislative director Marc Short confirmed Tuesday that Trump wants to extend that reduced rate to so-called “S” corporations, partnerships and limited liability companies.

http://www.huffingtonpost.com/entry/trump-taxes-benefit_us_59b8082fe4b027c149e2da19

How can Republican talk about massive tax cuts for the rich (like them!) when they have yet to fully fund the BILLIONS it will take to rebuild after two hurricanes, with more on the way?

[Not Ruth]

1. How does one save money on taxes if they are broke?

[Cicada]

2. His Estate tax savings multiple billions

He will propose eliminating the estate tax. He says he is worth ten billion. The estate tax exceeds 4 billion on that.

[former9thward]

3. No one of that wealth pays the estate tax.

No one. Not Gates, Buffett, any of them. If you are that wealthy you have an army of accounts and lawyers who design foundations and other tax evading mechanisms to avoid the tax.

[Cicada]

4. The strong desire to repeal it means it hurts someone

The exemption for charitable foundations will not apply to Trump. He is too selfish for real charity.

The IRS collects 20 billion a year so some rich people pay quite a bit.

[former9thward]

6. They collect it off small businesses owned by one owner.

The owner dies and the children usually have to sell the business to pay the tax. Also family farms. The head of the family dies and the children, who are land rich but cash poor, have to sell off the farm to pay the tax. Corporate farms never pay the tax since corporations never die.

[Cicada]

8. Not one owner of a small farm has ever had to sell the farm to pay estate tax

those opposed to the estate tax have had many many years to find even one example of a farm forced to sell to pay estate tax. Yet they have failed. Not a single example has been presented. Maybe there is one but I have never seen it described.

You may pay the estate tax on a family farm over ten years at 4 per cent interest so you do not need to sell it. You can pay it out of farm income. And the exemption is over ten million dollars for a couple, over five million for a single person. The tax only applies to amounts over that.

Also for 2017 out of the 2.7 million estates only 5200 will owe death tax. Of those which will owe death tax only 50 - fifty - will contain a small business or a small farm.

https://www.cbpp.org/blog/the-myth-that-the-estate-tax-threatens-small-farms

The estate tax is paid mainly on substantial rental property holdings and stock holdings.

[former9thward]

10. Show me one example of someone of Trump's wealth paying it.

Since that is what this thread is about and what I originally replied to.

[Cicada]

11. Bloomberg gifts to charity are in effect death taxes

Were the death tax repealed the Waltons would not give their billions to charitable trusts. The death tax causes many rich people to use much of their wealth for the common good. That is sort of a quasi tax.

But I concede I could not find evidence that a billionaire has paid significant estate tax.

[Thrill]

5. His voters are going to really see how much he cares about them

When they try to take that Mortgage Deduction away from the middle class

[rgbecker]

7. The middle class isn't the main people benefiting from the Mortgage Interest Deduction.

You need to get into the 80% level and above to find the ones benefiting from this rich people's bonanza. I'd argue it's stretch to call people with $100,000 annual income and above, middle class. That's not to say some in lower levels of income don't benefit.

http://www.nytimes.com/2012/10/28/realestate/mortgages-who-really-benefits-from-interest-deductions.html?mcubz=1

Just do the numbers.

[Cicada]

9. The benefit from the mortgage interest deduction is probably close to zero for everyone

The price of the home is higher because mortgage interest is deductible. Were it not deductible the purchase price would probably fall by close to the value of the deduction.

All it does is drive the price of housing up. For those who benefit from the deduction it is a wash probably. For those who can not deduct the mortgage interest it just costs them more to buy or rent.